Aviceda Therapeutics has secured $207.5 million in series C funds as the immunomodulator-focused biotech awaits a phase 3 readout this year for its lead eye disease drug.
The round was co-led by the healthcare funds Omega Funds and TCGX, with participation from other investors such as Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, Digitalis Ventures and funds managed by abrdn.
The proceeds have been earmarked to advance AVD-104, Aviceda’s intravitreal glycan-coated nanoparticle currently undergoing a phase 2b/3 trial comparing the candidate to Astellas’ approved eye drug Izervay for geographic atrophy, a degenerative eye condition. Twelve-month data from the study are due to read out in the second half of 2025, while a phase 2 trial in diabetic macular edema kicked off in September.
AVD-104’s dual mechanism of action is designed to target immune modulation and complement inhibition, the Cambridge, Mass.-based biotech explained in a Jan. 7 release. The drug has already demonstrated efficacy at slowing the growth of lesions in patients with geographic atrophy in a phase 2 trial, the company said.
In a statement, David Guyer, M.D., board chair of Aviceda, said the fundraise “reflects the strong conviction from investors in Aviceda’s lead program AVD-104 for geographic atrophy—a market poised for disruption and an improved standard of care, given current treatments offer limited benefits in visual improvements, lesion control and safety.”
Alongside the fundraise, Omega Funds’ Bernard Davitian and TCGX’s Chen Yu, M.D., have joined Aviceda’s board.
“Aviceda’s focus on data quality and execution is evident in the progress of the AVD-104 program, and we believe the company is poised for significant impact in the geographic atrophy field with strong potential upside as it advances into a pivotal study,” Yu said in the same release.
The company’s science is based on its High Affinity Ligands of Siglecs (HALOS) nanotechnology platform. Coming up behind AVD-104, Aviceda is working on preclinical candidates for fibrosis of the liver and lungs, plus neurodegenerative conditions like Alzheimer’s and multiple sclerosis, as well as solid tumors.